INVESTOR UPDATE JUN 2016 Presenters 2 Joanne Pearson Chief - - PowerPoint PPT Presentation

INVESTOR UPDATE

JUN 2016

Presenters

2

Michael Zhong Deputy Chief Financial Officer David Gillespie GM Corporate Finance Jean Feng Treasury Manager Joanne Pearson Chief Financial Officer

Agenda

3

SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

Ownership

4 Singapore Power (SP) Aa2 / AA Singapore Power International (SPI) 100% State Grid Corp. of China (SGCC) Aa3 / AA- State Grid International Development Australia Investment Company Limited (SGID) A / A1 SGSPAA A3 / BBB+ 100% 40% 60%

• SGCC is the world largest utility company.
• SP is a leading energy utility company in Asia Pacific.

State Grid Corporation of China (SGCC)

5

SGCC International Presence

6

SGSP (Australia) Assets AusNet Services

Singapore Power Group

7 SP Telecommunications Singapore District Cooling Power Automation (51%) AusNet Services Australia Companies Singapore Companies Jemena Zinfra SP PowerAssets PowerGas SP Cross Island Tunnel Trust 2 SP PowerGrid SGSPAA A3 / BBB+ SP Training and Consultancy Company SP Services

AA / Aa2

1

40% 31.1% Issuer Notes:

1 Companies where shareholding interest is not indicated, Singapore Power Limited has 100% shareholding. 2 SP PowerAssets Limited is the trustee-manager of SP Cross Island Tunnel Trust and all units in SP Cross Island

Tunnel Trust are held by Singapore Power Limited.

SGSPAA at a Glance

8

Strong shareholders Established & diversified business

• SGCC is the largest utility in the world and has been ranked 7th in the Fortune

Global 500 for the past 5 consecutive years from 2011

• SP is a leading energy utility company in the Asia Pacific region
• Jemena: Regulated gas and electricity distribution and contracted gas transmission
• Zinfra: Contracted and competitive services business

Stable cash flows

• 99% of CY15 EBITDA from regulated networks and contracted pipeline revenues
• Growing Regulated Asset Base (RAB)
• JGN regulatory reset commenced 1 July 15 (appeal in progress), JEN commenced

1 Jan16 (final decision received on 26 May 16)

Regulatory regime

• Transparent and well established regulatory regime

Investment grade credit ratings

• SGSPAA is rated A3 (Stable) / BBB+ (Stable) by Moody’s and Standard & Poor’s

(S&P) respectively

Broad Geographic Footprint

9

Regulated, Contracted & Network Services Businesses in Victoria, New South Wales, Queensland, South Australia, Tasmania, Western Australia & Australian Capital Territory

Notes: 1 Northern Gas Pipeline is currently under construction.

1

Consolidated Performance

10

CY15 Revenue A$1,794M CY15 EBITDA A$988M CY15 Capex A$509M

Zinfra, 25% Jemena Gas Transmission & Water Dist, 12% Jemena Electricity Network, 25% Jemena Gas Network, 35% Infrastructure Services, 1.5% Infrastructure Investment, 1.5%

Notes: CY15 financials are based on the statutory accounts for 12 months ended Dec 15.

Zinfra, 1% Jemena Gas Pipelines, 17% Jemena Electricity Network, 26% Jemena Gas Network, 45% Infrastructure Investment, 11% Zinfra, 3% Jemena Gas Pipelines, 21% Jemena Electricity Network, 32% Jemena Gas Network, 43% Other, 1%

11

Jemena Gas Network (JGN)

• Asset type: Regulated
• Approx. RAB: A$3.2B as at 31 Dec 15
• Length of mains: approx. 25,000kms
• Stable customer growth
• Over 1.25 million customer connections as at

31 Dec 15

• Access arrangement from Jul 15 to Jun 20

– Forecast RAB growth of 3.7% p.a. 12

Jemena Gas Network

Operational Review Financial Highlights (A$M) 1

512 365 145 584 414 145 527 395 155 619 450 221

• 200

400 600 800 Revenue EBITDA Capex FY13 FY14 CY14 CY15

EBITDA Contribution 1 Volumes & Customer Connections 2

1,166 1,203 1,232 1,251 95 91 90 91 1,100 1,150 1,200 1,250 1,300

• 50

100 FY13 FY14 CY14 CY15 Customer Connections ('000s) Volume (Pj) Notes:

1 CY14 represents a 9 month period from 1 Apr 14 to 31 Dec 14. 2 For the year ended 31 Dec 15 based on Regulatory Information Notices.

EBITDA margin: 73%

Jemena Gas Network, 45% Rest of Group, 55%

13

Jemena Electricity Network (JEN)

• Asset type: Regulated
• Approx. RAB: A$1.3B1 as at 31 Dec 15
• Line length: approx. 6,100kms
• 1 of 5 licensed elect distribution networks in

VIC

• Over 321,000 customers as at 31 Dec 15
• Regulatory period from Jan 16 to Dec 20

– Forecast RAB growth of 6.6% p.a. 14

Jemena Electricity Network (incl. AMI)

Operational Review Financial Highlights (A$M) 2 EBITDA Contribution 3 Volumes & Customer Connections 3

Notes:

1 RAB includes AMI RAB. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14. 3 For the year ended 31 Dec 15.

363 182 142 390 216 192 315 181 112 448 268 165

• 100

200 300 400 500 Revenue EBITDA Capex FY13 FY14 CY14 CY15

EBITDA margin: 60%

Jemena Electricity Network, 26% Rest of Group, 74% 318 320 320 321 4,328 4,229 4,136 4,212 316 318 320 322 2,000 3,000 4,000 FY13 FY14 CY14 CY15 Customer Connections ('000s) Volume (GWh)

15

Jemena Gas Pipelines

• Asset type: Contracted
• Eastern Gas Pipeline (EGP) – 130 PJ pipeline into

Sydney

• Queensland Gas Pipeline (QGP) – 55 PJ pipeline into

growing industrial hub in Queensland

• VicHub connects pipelines that feed into Sydney,

Melbourne and Tasmania

• Colongra (Col) Pipeline – delivers gas to Snowy

Hydro’s gas turbine facility on the Central Coast of NSW

• Northern Gas Pipeline (NGP): Jemena won the bid to

build and operate the North East Gas Interconnector in 2015. The pipeline will link Northern Australia’s gas fields to the east coast gas market. 16

Jemena Gas Pipelines

Operational Review Financial Highlights (A$M) 1 EBITDA Contribution 1 EBITDA Margin

Notes:

1 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

EBITDA margin: 79%

181 136 13 187 140 9 144 117 59 213 169 107

• 50

100 150 200 250 Revenue EBITDA Capex FY13 FY14 CY14 CY15

Jemena Gas Pipelines, 17% Rest of Group, 83% 75% 75% 82% 79% 0% 20% 40% 60% 80% 100% FY13 FY14 CY14 CY15

North East Gas Interconnector (NEGI)

• Jemena successfully won the bid to

build and operate the Northern Territory Gas Pipeline in Nov 15.

• The 623km pipeline will link the

Northern Territory's Amadeus pipeline to Queensland's Carpentaria pipeline between Tennant Creek and Mount Isa, driving commercial exploration and development of currently untapped gas reserves, unlocking the next phase of economic growth for the Territory.

• Decision made to build NGP as 12”

pipeline, capital expenditure re- profiled and additional capital for gas processing opportunities. Key procurement activity is underway.

• The project is estimated to cost

$800M with gas expected to flow to east coast markets from end 2018.

17

18

Asset Investments

• Asset type: Regulated
• Electricity and gas distributor: Delivers

electricity and gas to approx. 324,000 customers in ACT & NSW

• Partnership with Icon Water Limited, a

government owned company with assets and investments in water, wastewater, electricity, gas and telecommunications

• Regulatory reset periods from Jul 14 to Jun 19

(electricity) and Jul 16 to Jun 21 (gas)

19

ActewAGL Distribution Partnership (AAD)

Operational Review EBITDA Contribution 1 Historical EBITDA (A$M) 2

Notes:

1 Based on CY15 Actual EBITDA. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

Actew AGL, 8% Rest of Group, 92%

56 66 50 75

• 10

20 30 40 50 60 70 80 FY13 FY14 CY14 CY15

• Asset type: Regulated
• RAB: A$2.3B as at 31 Dec 15
• Electricity distributor: Delivers electricity to
• approx. 660,000 customers in VIC
• Line length: approx. 13,000kms
• Regulatory reset period from Jan 16 to Dec 20

20

United Energy Distribution (UED) (34%)

Operational Review EBITDA Contribution 1 Historical EBITDA (A$M) 2

Notes:

1 Based on CY15 Actual EBITDA. 2 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14.

UED, 3% Rest of Group, 97%

20 26 15 45

• 5

10 15 20 25 30 35 40 45 50 FY13 FY14 CY14 CY15

21

• Asset type: Contracted / Competitive services

business

• Provides range of services to companies

within the SGSPAA Group and to third parties

• Zinfra has developed a substantial operational

presence across Australia primarily to target the outsourcing of construction and maintenance activities by utilities and adjacent markets

• Services provided include engineering,

maintenance, network operational services, construction and service integration

22

Zinfra

Operational Review Financial Highlights 1 EBITDA Contribution 2

Notes:

1 CY14 represents the 9 month period from 1 Apr 14 to 31 Dec 14. 2 Based on CY15 Actual EBITDA.

Zinfra, 1% Rest of Group, 99%

EBITDA margin: 2%

636 16 550 29 447 14 570 9

• 100

200 300 400 500 600 Revenue EBITDA FY13 FY14 CY14 CY15

Agenda

23

SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

Capital Restructure – Key Changes

24

New simplified capital structure will simplify the company’s balance sheet. Previous Capital Structure

A$4.2B non-interest bearing Trust Loan, treated as current liability and A$100

• rdinary shares.

Subordinated to senior lenders. Receive 100% equity credit from S&P and 75% from Moody’s.

New Capital Structure

A$3.2 ordinary shares and A$800M convertible instruments. Subordination of convertible instrument interest consistent with previous structure. Has received 100% equity from both S&P and Moody’s.

Capital Restructure – Commercial Drivers

25

Capital restructure focused on strengthening credit profile

Key Commercial Drivers

Long Term Structure Flexible Investment Returns Strengthen Credit Rating and Profile Reduced Complexity and Compliance Improved Free Cash Flow Conversion Option

Agenda

26

SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

Investment Strengths

27

Diversified Asset Base Predictable & Stable Cashflows Regulatory Regime Investment Grade Credit Ratings Skilled & Experienced Shareholders

Diversified Asset Base

• Assets are regulated / supported by long-term contracts
• Assets are in good condition and are expected on average to have remaining useful

lives of 30 years

28

Asset Diversity by Energy Source

Generation Transmission Distribution Retail Generation Transmission Distribution Retail

Regulated / Contracted

· Jemena Electricity Networks · UED · ActewAGL · Jemena Gas Networks · ActewAGL · Jemena Gas Pipelines

Electricity Gas

29

Predictable and Stable Cash Flows

Predictable Cash Flows from Predominantly Regulated & Contracted Business

EBITDA Contribution by Type EBITDA Contribution by Segment

Zinfra, 1% Contracted, 17% Regulated, 82% Zinfra, 1% Jemena Gas Pipelines, 17% Jemena Electricity Network, 26% Jemena Gas Network, 45%

Infrastructure Investment, 11%

Regulatory Framework

• Opportunity to earn higher returns through capital and operating efficiencies
• Provides high degree of certainty – Tariff largely “locked-in” for 5 years
• RAB is indexed to inflation – natural hedge against CPI
• Volume risk borne by Jemena for Gas. Electricity subject to revenue cap from 1 Jan 16
• Cost of debt transitioning to 10 year trailing average

30

Established & Transparent Regulatory Regime

Regulated Revenue

WACC Regulated Asset Base (RAB) Value Operating & Maintenance Depreciation Taxes Expenditure Incentive Outcomes

= x + + + +

Regulatory Guidelines

31

• Regulatory WACC’s are set with reference to rate of the day observations for cost of equity

and a ten year trailing average for cost of debt

• There will be a transition to the 10 year trailing average over a 10 year period
• The AER increased discretion regarding:
• Expenditure assessments and incentives (for electricity)
• Rate of return forecasting (for gas and electricity)
• Requirement to consult on expenditure forecasts (for electricity)
• Establishment of the Consumer Challenge Panel within the AER
• AER publish an annual electricity benchmarking report
• Greater use of benchmarking to assess forecast expenditure for electricity
• Australian Competition Tribunal must be satisfied that an amended decision would be

‘materially preferable’ by reference to the long-term interests of consumers

Rate of Return Guidelines Regulatory Discretion Consumer Engagement

Cost Benchmarking

Merits Review Process

Final Decision for JGN & JEN

• Final Decision for JGN

32

A$M (Nominal) Initial Proposal (Apr 15) Final Decision (May 16) Variance (%) (Proposal vs Decision) Smoothed Revenue 1581.4 1471.7

• 7%

Operating Expenditure 600.2 551.6

• 8%

Capital Expenditure 926.3 940.7 2% Nominal Vanilla WACC (%) 7.18% 6.37%

• 1%

Energy forecast (MWh) 22,084,107 21,974,374 0% A$M (Nominal) Revised Proposal (Mar 15) Final Decision (Jun 15) Variance (%) (Proposal vs Decision) Smoothed Revenue 2605.2 2229.0

• 14%

Operating Expenditure 891.0 872.0

• 2%

Capital Expenditure 1231.7 1051.8

• 15%

Nominal Vanilla WACC (%) 7.06% 5.41%

• 2%

Energy forecast (TJ) 407,779 410,195 1%

Notes: This excludes any impact of the merit review process. Merits review appealed by AER. Outcome not known until 2017/18. Estimated upside on gamma and cost of debt. Notes: This final determination is subject to limited merits review.

• Final Decision for JEN

Long-term rating:

A3 (Stable) Diversified portfolio of quality gas and electricity transportation assets support low business risk profile. Mature regulatory environment and long-term contracts underpin predictable cash flow generation.”

• Moody’s Credit Research, 25 Jun 15

33

Investment Grade Credit Ratings

Management Targets Investment Grade Rating

Moody’s

Long-term rating:

BBB+ (Stable) “The stable outlook reflects the stability and strength of cashflows from SGSPAA’s monopoly regulated businesses.”

• S&P Rating Direct, 21 Jul 15

Standard & Poor’s

Long-term rating:

AA- (Neg) / Aa3 (Neg)

• Largest power grid constructor and operator in

the world.

• Transmission and distribution network covers

88% of the geographical area of China and servicing over 1.1B population.

• Asset, revenue and profit grew steadily.
• Ranked 7th in the Fortune Global 500.
• Global footprints in overseas utility investment as

long-term strategic investor. 34

Skilled & Experienced Shareholders

Shareholders are leading owners and operators of utility infrastructure globally State Grid

• Corp. of

China (60%)

Long-term rating: AA (Stable) / Aa2 (Stable)

• A leading energy utility company in the Asia

Pacific region.

• Experienced management team.
• Established track record in operating

transmission and distribution assets in Australia.

Singapore Power (40%)

Agenda

35

SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

36

Performance Summary 5 Yr Trend

Revenue (A$M) EBITDA (A$M) NPAT (A$M) 1 Normalised NPAT (A$M) 1 & 2

1,746 1,763 1,719 1,426 1,794 1,200 1,300 1,400 1,500 1,600 1,700 FY12 FY13 FY14 CY14 CY15 723 765 877 755 988 41% 43% 51% 53% 55% 0% 20% 40% 60% 80% 100% 300 400 500 600 700 800 900 1,000 1,100 FY12 FY13 FY14 CY14 CY15 191 168 228 239 339 80 130 180 230 280 330 380 FY12 FY13 FY14 CY14 CY15 184 186 265 255 339 100 150 200 250 300 350 400 FY12 FY13 FY14 CY14 CY15

Notes:

1 FY13 NPAT excludes the A$407k impairment loss. 2 Sourced from internal management reports. Excludes exceptional items. 3 CY14 reflects 9 months from 1 Apr 14 to 31 Dec 14.

37

Credit Metrics 5 Yr Trend

Gearing Ratio 1 FFO / Net Interest Interest Cover Ratio FFO / Debt 2

42.6% 49.2% 50.5% 50.0% 50.3% 65.0% 20.0% 40.0% 60.0% FY12 FY13 FY14 CY14 CY15 2.7x 2.7x 2.9x 3.2x 3.6x 2.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x FY12 FY13 FY14 CY14 CY15 2.2x 2.4x 2.6x 3.0x 2.8x 1.8x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x FY12 FY13 FY14 CY14 CY15

Board approved distribution policy set to maintain stand alone BBB+ credit metrics

12.3% 11.3% 13.7% 14.9% 14.6% 9.5% 0.0% 5.0% 10.0% 15.0% FY12 FY13 FY14 CY14 CY15

Notes:

1 In September 2015 the Company's shareholders restructured their investment in the Company with Trust Loans repaid and replaced with equity and convertible instruments.

The convertible instruments are interest bearing at the fixed rate of 10.25% per annum and are convertible into ordinary shares at the discretion of the holders until mandatory conversion in 2050. Historically, Trust loans have been classed as Equity for Gearing purposes (FY12 - CY14).

2 CY15 Net Interest bearing debt excludes Convertible Instruments.

Debt Profile

38

Diversified Debt Portfolio Debt Facilities Maturity Profile Debt Facilities Breakdown

• 125
• 194

400

• 150

750 723 479 100

• 42

400 300 600 600

• 200

400 600 800 1,000 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 144A MTN Wcap Committed Bank Loans

A$M

Bank Debt 2,042 42% Capital Markets 2,822 58%

A$M

Regulatory Hedging

39

Minimum 90% of regulated debt is hedged

Policy Interest Rate Risk Management

To replicate AER’s cost of debt determination (the risk free rate of return component) To look at average Debt % of regulated Assets Base (RAB) for hedging

Approach for Regulatory Hedge

Daily execution during

• bservation window

Deals across one to ten years maturities Average fix hedge rate to match AER’s determination

Agenda

40

SGSPAA Business Overview Capital Restructure Investment Strengths Financial Overview Program Details

Medium Term Note Programme

41

Issuer

SGSP (Australia) Assets Pty Limited (Formerly known as SPI (Australia) Assets Pty Limited)

Guarantors

• Jemena Limited
• Jemena Eastern Gas Pipeline (1) Pty Limited
• Jemena Eastern Gas Pipeline (2) Pty Limited
• Jemena Queensland Gas Pipeline (1) Pty Limited
• Jemena Queensland Gas Pipeline (2) Pty Limited

Issuer Rating

Moody’s: A3 (Stable) / Standard & Poor’s: BBB+ (Stable)

Programme Size

USD 5,000,000,000

Trustee

Citicorp Investment Bank (Singapore) Limited

Listing

Singapore (SGX)

Governing Law

English Law (Australian Law for AMTNs)

Guarantor Structure

42

Total assets of the guarantors are no less than 90% of the total SGSPAA group assets

United Energy Distribution Holdings VicHub Zinfra Jemena Electricity Distribution Network (Vic) Jemena Gas Distribution Network (NSW) Rosehill Colongra ActewAGL Jemena Limited Jemena Eastern Gas Pipeline 2 Jemena Queensland Gas Pipeline 1 Aquanet

SGSP (Australia) Assets Pty Ltd (SGSPAA)

Issuer Guarantor

100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 34%

Notes:

1 Jemena Queensland Gas Pipeline (1) Pty Ltd and Jemena Queensland Gas Pipeline (2) Pty Ltd. 2 Jemena Eastern Gas Pipeline (1) Pty Ltd and Jemena Eastern Gas Pipeline (2) Pty Ltd.

Questions

43

44

Further Information and Contacts

Level 16, 567 Collins Street Melbourne, VIC 3000 Australia T: +61 3 9173 7000 F: +61 3 9173 7516 http://www.jemena.com.au SGSP (Australia) Assets Pty Ltd David Gillespie PO Box 16182 Melbourne, VIC 3000 Australia T: +61 3 9173 7914 F: +61 407 863 795 david.gillespie@jemena.com.au Further information:

Disclaimer and Important Information

45

You must read the following notices before reading or making any use of this presentation or any information contained in this presentation. By continuing to read, use or otherwise act on this presentation, you agree to be bound by the following terms and conditions, including any modifications to them. The contents of this presentation, including without limitation, statements, estimates and/or projections provided with respect to the business and assets (including anticipated future business performance of such business or assets) of SPI (Australia) Assets Pty Ltd (SGSPAA) and/or its related companies/related bodies corporate (collectively, the SGSPAA Companies), do not constitute any representation, warranty, guarantee or undertaking (whether express, implied or otherwise) on the part of any of the SGSPAA Companies as to past, present or future matters. This presentation contains summary information about the SGSPAA Companies and their activities current as at 3 June 16. The information in this presentation is of general background and does not purport to be complete. SGSPAA may in its absolute discretion, but without being under any obligation to do so, update

• r supplement this presentation. Any further information will be provided subject to these terms and conditions.

Not financial product advice This presentation is for information purposes only and is not a prospectus, product disclosure statement, or other similar disclosure document under the laws of any jurisdiction. This presentation does not contain financial product or investment advice or a recommendation to acquire securities in the SGSPAA Companies and is not intended to provide the basis of any credit or other evaluation. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Nothing in this presentation constitutes legal, financial, tax or other advice. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. SGSPAA is not licensed to provide financial product advice in respect of its securities. This presentation is based on information supplied by SGSPAA and from sources believed to be reliable. No attempt has been made to independently verify the information. Past performance Past performance and any pro forma financial information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The historical information included in this presentation is, or is based on, information that has previously been released to investors. Future performance Certain statements, beliefs and opinions contained in this presentation, particularly those regarding the possible or assumed future financial or other performance of the SGSPAA Companies, industry growth or other trend projections are or may be forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects”, “intends”, “plans”, “goal”, “target”, “aim”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. These forward- looking statements include all matters that are not historical facts. Such forward-looking statements, estimates or projections are based on a large number of assumptions and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are outside the control of the SGSPAA Companies. Undue reliance should not be placed on such forward-looking statements, estimates or projections. Forward-looking statements are based on assumptions and are not guarantees of future performance. Actual outcomes may vary materially from those indicated and SGSPAA is under no

• bligation to update you if they do

No representation, warranty, guarantee or undertaking (whether express, implied or otherwise) is made that any statement, estimate or projection contained herein will be realised or that any information, statement, estimate or projection contained herein is complete or accurate.

Disclaimer and Important Information (cont’)

46

No liability SGSPAA has prepared this presentation based on information available to it at the time of preparation and subject to the qualifications in this

• presentation. No statement or information contained in this presentation may be relied on by any person or entity for any purpose whatsoever and

nothing herein is intended to induce any person to enter any contract or arrangement with any of the SGSPAA Companies. No representation or warranty, express or implied, is made as to the fairness, accuracy, adequacy, validity, correctness or completeness of the information, opinions and conclusions contained in this presentation. None of the SGSPAA Companies, or their respective officers, employees and advisers, will accept any responsibility or liability whatsoever for any loss, claim, damage, liability, action, proceedings, costs (including legal costs) or expense incurred or suffered in relation to, in connection with or resulting from any reliance, access or use by any person or entity on any information or statement contained in this presentation. SGSPAA makes no representation that there will be no change (or any development likely to lead to change) in the prospects, results or general affairs of SGSPAA or the information contained in this presentation at any time subsequent to the date of this presentation. Professional or sophisticated investor No action has been taken by SGSPAA or any other person which is intended to permit possession or distribution of this presentation or any other material issued by or on behalf of SGSPAA in any jurisdiction where action for that purpose is required. SGSPAA does not represent that this presentation may be lawfully distributed in any jurisdiction. By attending or receiving this presentation, you represent and warrant that: (a) if you are located in Australia, you are either: (i) a "Sophisticated Investor" within the meaning of section 708(8) of the Corporations Act 2001 (Cth) (the Act); or (ii) a "Professional Investor" within the meaning of section 708(11) of the Act; or (iii) another person in respect of whom disclosure is not required under Part 6D.2 and 7.9 of the Act (b) if you are located in any other jurisdiction, you are a person who may attend or receive this presentation under all applicable laws, and to whom SGSPAA securities could lawfully be sold under all applicable laws, without the need for any registration, lodgment or other formality (legal or

• therwise).

This presentation does not constitute an offer or advertisement This presentation is not and should not be considered an offer or an invitation to acquire securities in the SGSPAA Companies or any other financial products and does not and will not form any part of any contract for the acquisition of securities in the SGSPAA Companies. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any 'U.S. person' (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (U.S. Person)). SGSPAA securities have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, delivered or transferred in the United States or to any U.S. Person without being so registered or pursuant to an exemption from registration.

Disclaimer and Important Information (cont’)

47

Distribution Distribution of this presentation outside Australia may be restricted by law. Persons who come into possession of this presentation and are not in Australia, should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. Recipients of this presentation shall not reissue, circulate, or distribute this presentation, except in accordance with all applicable law. Risks An investment in SGSPAA involves certain risks which are discussed in the “Risk Factors” section of the SGSPAA Offering Circular dated 30 May 2016. Credit Ratings No credit rating agency has been involved in the preparation of this presentation. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. Credit ratings in respect of SGSPAA securities or SGSPAA are for distribution to persons who are not a “retail” client within the meaning of section 761G of the Act and are also sophisticated investors, professional investors or other investors in respect of whom disclosure is not required under Part 6D.2 or 7.9 of the Act and in all circumstances as may be permitted by applicable law in any jurisdiction in which an investor may be located. Anyone who is not such a person is not entitled to receive this presentation and anyone who receives this presentation must not distribute it to any person who is not entitled to receive it. The credit ratings of SGSPAA referred to in this presentation have been issued by Standard & Poor's (Australia) Pty Ltd and Moody’s Investor Services Pty Ltd neither of which is established in the European Union and/or has applied for registration under Regulation (EC) No. 1060/2009 as amended by Regulation (EC) No. 513/2011(the “CRA Regulation”) but their credit ratings are endorsed on an ongoing basis by Standard & Poor's Credit Market Services Europe Limited (respectively) pursuant to and in accordance with the CRA Regulation. In general, European regulated investors are restricted from using a rating for regulatory purposes if such rating is not issued by a credit rating agency established in the European Union and registered under the CRA Regulation or issued by a credit ratings agency established in a third country but whose credit ratings are endorsed by a credit ratings agency established in the European Union and registered under the CRA Regulation unless the rating is provided by a credit rating agency operating in the European Union before 7 June 2010 which has submitted an application for registration in accordance with the CRA Regulation and such registration has not been refused or is provided by a third country rating entity whose ratings are disclosed in that registration application as being ratings that will be endorsed by the relevant entity in the European Union.